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Industry Advisory Council

The AARMR Industry Advisory Council consists of AARMR affiliate members. The purpose of the Industry Advisory Council is to consult, advise and assist the Board of Directors on issues relating to residential mortgage regulation.

The Industry Advisory Council shall take under advisement and consider such issues as the Board of Directors may, from time to time, direct.

Becoming a Member of the Industry Advisory Council:

If you are interested in participating on the AARMR Industry Advisory Council please submit a letter of qualification to the AARMR Board of Directors. Please note the membership requirements of the Industry Advisory Council, per the AARMR By-Laws, Article VII, Sections 9.01 - 9.03(See bottom of page for details)

Section 9.01. Purpose.

The purpose of the Industry Advisory Council shall be to consult, advise and assist the Board of Directors on issues relating to residential mortgage regulation and to foster the goals, objectives and purposes of the Corporation. The Industry Advisory Council and the Consumer Advisory Council shall take under advisement and consider such issues as the Board of Directors may, from time to time, direct

Section 9.02. Membership.

The Industry Advisory Council shall be comprised of no more than 25 Industry Affiliate Members. Each Industry Advisory Council Member shall appoint a single individual as its designated representative, and may change its designated representative at any time upon written notice to the Board of Directors. Industry Advisory Council Membership resides with the Industry Affiliate Member, is not transferable, and is not retained by an individual independent of his or her designated representative status. Any General Member may recommend an Industry Affiliate Member to serve on the Advisory Council. Such recommendation shall be made to the President, who shall bring the recommendation to the Board of Directors for approval. The Board of Directors may vote at any meeting of the Board of Directors on such recommendations received. Industry Advisory Council members shall serve for a one-year term. Industry Advisory Council members may serve any number of consecutive one-year terms upon approval of the Board of Directors at the annual meeting. The members of the Industry Advisory Council shall elect a Chairman who shall report at least annually to the Board of Directors. Any member of the Industry Advisory Council may be removed as provided in Section 4.04 above. Any vacancies on the Industry Advisory Council shall be filled by recommendation by a General Member or by the President of the Corporation to fill the unexpired term of that member, with the approval of the Board of Directors. In considering recommendations for Industry Advisory Council membership, the Board of Directors shall assess the candidate's potential to advance the goals, objectives and purposes of the Corporation. In particular, the Board of Directors shall consider whether the candidate:

(A) Contributes to a diversity of points of view;

(B) Is representative of and/or represents the persons and entities regulated by the General Members;

(C) Possesses special knowledge, insight or skills relevant to the strategic objectives of the Corporation; and

(D) Represents relevant industry or other constituencies.

In weighing these factors, the Board of Directors shall ensure that opportunities to serve are extended to those persons and organizations the Board of Directors believes will foster the development of the Corporation's goals, objectives and policies.

Section 9.03. Meetings.

The Industry Advisory Council shall meet in conjunction with the Annual Meeting of the General Members and at such other times as may be requested by the President or the Board of Directors.